September 30, 2019
Friends and Fellow Investors:
For September 2019, the fund was down approximately 2.5% net of all fees and expenses. By way of comparison, the S&P 500 was up approximately 1.9% while the Russell 2000 was up approximately 2.1%. Year-to-date 2019 the fund is up approximately 16.4% while the S&P 500 is up approximately 20.6% and the Russell 2000 is up approximately 14.2%. Since inception on June 1, 2011 the fund is up approximately 91.3% net while the S&P 500 is up approximately 163.6% and the Russell 2000 is up approximately 101.7%. Since